topic Re: Quick Question About Credit Age in General Credit Topics

Quick Question About Credit Age

Iusedtolurk — Sat, 27 Aug 2022 04:33:05 GMT

Whenever I check different monitoring services they all say my credit age is VERY NEW. I mean 3 and 1/2 years sheesh.

Does anyone remember/know when your credit is not considered VERY NEW.

Soon I will have 4 years credit age will that be considered at least NEW?

Re: Quick Question About Credit Age

SouthJamaica — Sun, 28 Aug 2022 02:44:29 GMT

@Iusedtolurk wrote:
Whenever I check different monitoring services they all say my credit age is VERY NEW. I mean 3 and 1/2 years sheesh.

Does anyone remember/know when your credit is not considered VERY NEW.
Soon I will have 4 years credit age will that be considered at least NEW?

Where are you getting that statement from?

Re: Quick Question About Credit Age

Iusedtolurk — Sun, 28 Aug 2022 04:58:40 GMT

@SouthJamaica wrote:
@Iusedtolurk wrote:
Whenever I check different monitoring services they all say my credit age is VERY NEW. I mean 3 and 1/2 years sheesh.

Does anyone remember/know when your credit is not considered VERY NEW.
Soon I will have 4 years credit age will that be considered at least NEW?
Where are you getting that statement from?

@SouthJamaica That particular statement comes from Wallethub but all my monitoring services rate me negatively on credit age.

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Re: Quick Question About Credit Age

SouthJamaica — Sun, 28 Aug 2022 12:52:00 GMT

@Iusedtolurk wrote:
@SouthJamaica wrote:
@Iusedtolurk wrote:
Whenever I check different monitoring services they all say my credit age is VERY NEW. I mean 3 and 1/2 years sheesh.

Does anyone remember/know when your credit is not considered VERY NEW.
Soon I will have 4 years credit age will that be considered at least NEW?
Where are you getting that statement from?
@SouthJamaica That particular statement comes from Wallethub but all my monitoring services rate me negatively on credit age.

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OK, well now I have my points of comparison. Although I should point out that the characterizations of your profile as "new" and "fair" aren't scoring mechanisms.

On MyFICO my TU "length of credit history" is characterized as "very good", referencing an AoOA of 34 years 1 month and AAoA of 6 years 2 months.

On Wallethub my "account age" is ranked a "C", and is "still considered new", referencing an AAoA of 5 years 8 months. No reference is made there to the AoOA.

So I guess the answer to your question is that on Wallet Hub you will "still be considered new" even when your AAoA is 5 years 8 months.

And my advice would be to not worry about it.

Re: Quick Question About Credit Age

M_Smart007 — Sun, 28 Aug 2022 21:15:40 GMT

@SouthJamaica wrote:
And my advice would be to not worry about it.

Solid Advice!!!

Re: Quick Question About Credit Age

teekay629 — Tue, 30 Aug 2022 00:45:59 GMT

Mine is the same where it is about five years and it comes back on reports that it is short/new.

I wish that the rating was also relevant to age. It is impossible to have a good there if you are only 20 years old. I get that it is not everything, but it is silly to see that when it is not even your fault sometimes.

Re: Quick Question About Credit Age

FireMedic1 — Tue, 30 Aug 2022 07:35:35 GMT

https://www.fico.com/blogs/age-beauty-credit-worthiness-youth

Its like wine. Gets finer with time.

Re: Quick Question About Credit Age

OmarGB9 — Tue, 30 Aug 2022 13:42:30 GMT

@FireMedic1 wrote:
https://www.fico.com/blogs/age-beauty-credit-worthiness-youth
Its like wine. Gets finer with time.

But is that chart talking about the consumer's age, or the credit file's age? Because it appears to be referring to a consumer's age.

Re: Quick Question About Credit Age

Bosslady951 — Wed, 28 Sep 2022 23:05:11 GMT

Thanks for the explanation